👀 Ones to watch: The MOST undervalued shares to buy right nowSee Undervalued Shares

Companies weigh other options for Sounion tanker as towing judged unsafe, says EU mission

Published 04/09/2024, 02:45 am
Updated 04/09/2024, 02:51 am
© Reuters. FILE PHOTO: Explosions take place on the deck of the Greek-flagged oil tanker Sounion on the Red Sea, in this handout picture released August 29, 2024. Houthi Military Media/Handout via REUTERS/File Photo
CL
-

LONDON/ATHENS (Reuters) - Private companies involved in salvaging the Sounion tanker, which was attacked by Yemen's Houthis in the Red Sea, are exploring other options after the towing operation was deemed unsafe, the European Union's naval mission said on Tuesday.

The Sounion, which was struck on Aug. 21 and which the Houthis and maritime sources have said has been rigged with explosives, is laden with about one million barrels of crude oil and still on fire.

The EU's naval force Aspides has said it will provide protection to tugboats that will deal with the salvage operation.

"The private companies responsible for the salvage operation have concluded that the conditions were not met to conduct the towing operation and that it was not safe to proceed," Aspides said in a post on X on Tuesday.

"Alternative solutions are now being explored by the private companies."

If a spill occurs, it has the potential to be among the largest from a ship in recorded history and could cause an environmental catastrophe in an area that is particularly dangerous to enter.

"The operation is continuing and continued assessments are required. This will take some time," a source familiar with the matter told Reuters, adding that conditions were complex.

The Iran-aligned Houthi militants have said they would allow salvage teams to tow the ship to safety. The ship's crew has been evacuated.

The vessel's Greece-based operator Delta Tankers declined further comment, pointing to the statement from Aspides.

© Reuters. FILE PHOTO: Explosions take place on the deck of the Greek-flagged oil tanker Sounion on the Red Sea, in this handout picture released August 29, 2024. Houthi Military Media/Handout via REUTERS/File Photo

Three other sources familiar with the matter added that a reassessment of the plan was necessary as there were high risks with the salvage, which one described as a "surgical operation". Another said the risks were initially underestimated and more technical resources and staff were required.

The Houthis first launched aerial drone and missile strikes on the waterway in November. They say they are acting in solidarity with Palestinians under assault in Israel's war on Gaza. In more than 70 attacks, the Houthis have sunk two vessels, seized another and killed at least three seafarers.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.